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Home My WebLink About1604 , ~ . ' ! . , + ; _ 'j - . UNtFORt?t CoveN~tvrs. Borrower and Lender covenpnt and agree af follows: . 1. Paya~snt of Priacipal aud laterest. l3urrower sh•rll prumpdy pay K~hen due the principal o[ and interest on the indebtedncss evidenceJ by thc Notc. prcpayment and latc charg~s u~ pruvided in the Nate, and thc principal of and ~nterest on any Futuro Advances secured by this Mortgage. ; 2. Fea~ [o~ Ta:es and lusurance. Subject to applicable law o~ to a written waivcr by ~ender. Borrowcr shall pay ~ to [ende~ on the day monthly installments of principal and interest are payablc undcr the Note. until ~he Notc is paid in full. ' a sum (herein "Funds") equal to o~c-tvvel[Ih of thc yearly taxes and assessmen~s w~hich may attain priority uver this Mortgage. a~J g~ound renta on thc Property, if any, plus ono-twclf~h at ~~rarly premium installmcnts [ur hazard insurance. plus one•twelfth of yearly premium installmcnts for mortgage insurance, if any, all as rcasunably estimateJ initially and trom time to time by Lcndcr on thc basis of assessmcnts and bills a~d reasunable estimates thercof. ~ '[l~e Funds shall be held in an institution the depasits ar accounts of which are insured or guaranteeci by a Federal or ~ state agency (including Lender if Lender is such an insliiution). I.cnder shall apply the Funds to pa~• said taxa, assessments, ~ insurance premiums and ground rentc. Lender may not charge for so holding a~d applying the Funds, anal~•zing said account, or verifying and compiling said assessments and bills, unless !_ender pays Borrower interest on the Fu~Js and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time af execution o[ ihis : Mortgage that interest on the FunJs shall be paid to Borrower, and unless such agreement is made or applicable law i reyuires such interest to be paid, l.ender shall nut be reyuired to pay Borrower any interest or earnings on the Funds. I_cnder shall give to Borrower, witho~~t charge, a~ annual accounting of the FunJs showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. 'il~e Funds are pleciged as additional security for the sums secured by this Mortgage. ~ If the amount of the Funds held by LenJer, togcthcr with thc future monthly installments of Fonds payable prior to the due dates of taxes, assessments. insurance premiunu and ground rents, shall exceed the amount reyuired to pay said taxes. assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s uption, either promptly repaid to Borrower or credited to Borrower on monlhl~~ installmcnts of Funds. lf the amount of thc Funds held by Lender shall not be suflicient to pay taxes, assessmcnts, incurance preraiumc anJ ground rents as they fall due, Borrower shall pay to 1_ender any amount neces~ary to make up ~he deficiencp within 30 Jays from the Jatr notice is mailed by Leader to Borrower requesting paymcnt thereof. , Upon payment in fuU of all sums secured by this Mortgage. Lcndcr shall prompdy rclund to Borrower any Funds held by I.enJer. If under paragraph 18 hercof the Propertp is u~ld or thc Propcr~y is otherwi~e acquimd by Lender, I_ender shall apply, no later than immediately prior to the sale of thc Propcrty or its acquisition b~• l.cnder, any Fundc held by Lendcr at ~he time of ~pplication as a crcJit against thc sums secured by thi~ Mongage. 3. Applicalion of Paymeats. Unlcss applicablc law pro~ idcs otherw•isc, all pa~•ments rercivcd b~• Lender unJer the Note and paragraphs 1 and 2 hercof shall be applied by Lender first in pryment o[ amaunts pa~~able to Lcndcr by Borrower under paragraph 2 hereof, then to interest payable an the Note, thrn to ~hc principal of the Notc, and then t~~ interest and pnncipal on any Futu~c Advances. ~ 4. Cha~es; Liens. Borrower shall pay all taxec, a~sessments and other charg~s. finec and imExnitiuns attr?butable to Ihe Property which may attain a priority aver this Mortgagc, and leasehold payments or ground rents, if any, in thc manner provided unJer p^.rag~aph 2 hereof or, if nM paid in such manner, hy Borrower making payment, when due. directly to the payee then:of. Borrower shall promptly furnish to 1_ender all noticcs of amounts due under this parag~aph, and in the event Borrow~er shall make pa}'ment directl~•, Borrower shall proroptly furnish to l.endcr receipts rvidencing such pa)~ments. Burrow•er shall prompUy discharge any lien ~~hich has priority over ~his Mortgage: pn~viJed, that Borrower shall not be required to discharge :~ny such lien so long as Borrower shaU agr~~e in ~fY9Mng.to 11~ payA~~MR' l~t~tM~ ablig~tk~n secured by such lien in a manner acceptable to 1_ender, or ~hall in go.xl faith contest such lien hy, ac JefenEi ~tur~cme~~ such lien in, legal pr~eeding+ wnich operatc to prevent ~he enforcement of the l~cn or forfe~ture o[ the Yroperiy or an}' part thereof. 5. Hazard Insu~ance. Borrow•er shall keep thr ~mpro~cmcnh now c~isting ~x hcrcaftcr cr~ctCd bn thc Prb~~ insurcd against loss b~ tirc. h3zardti incluclcd w~ithin the ~crm "c~tcndcd cnvcra~'': and sucfi'aher haQ~~dc~at~!•.ende~rlKii}i+~u~re an~i in surh amounts and lor surh Exrials ac Lcndcr may reyuirc: pr~~~~icloic tbW ~;nde*•+Mt~n+l'roAt~~d(~l~?~fi~ld~t of : such co~'eragr exceed that amount of co~~erage reyuired te~ pa}~ thc ,umti securcd by th~s ~lortgage. The ~nsurance r.~rricr providing the inwrance shall be cho~cn by Borro~~er subject to appro~•al hy l.ender; pro~ided, that such approval ,hall n~~t be unrea~onahl~~ withheld. r~ll prcmium~ ~n insurance policies shall h~ paid ~n the manner provided t~nJcr p~ragraph ~ hereof ur, if not paid in such manner, by Borrc~Her making payment. w•hen due, directl~• to the ~nsurancc carricr. • All insurance policies anJ rene~~als thereof shall tx in form ac~eptablc to Len.lrr and shali inrludr a~tan~lard mortgage I~ clause in favor of and in form acrcptahle tc? Lender_ I.rndcr sh:ill ha~~e the right to hold thr puli~i~s anJ rencwals Ihereaf. ~ and Borrower shall prompUy furnish to I_enekr all renewal notices and all receipts of paid premium~. In the e~ent ot loss. ~ Burrow~er shall give prumpt notice to the imur~nce carrier and Lender. 1_endrr ma) make proof of lou i( not made pmmptly b~• Borrawcr. - ~ Unless Lender and Borrow~cr othcrwix agrec in ~•riting, insurance prcxeeds shall be applied to re~toration or repair of the Property damagcJ, prov~JeJ such rcstoration or repair +s eronomically feasibl~ and the securit}• of this hiorteag~ is ~ not ~hereb~ impaireJ. If Such restoration or repair is not econ~~mically feasihle or if the security of this Alortgage would be impaired. the insurance proceeJs shall be applied to the sums sc:rurcJ by~ this Mortgage. w~ith ~he excess, if any, paid i :o Borrowcr. It the Propert}• is ahai;Jc~ned h~• 13urr.~wer, or if Borrowcr tails to res~nd to 1_ender within 30 days from the Jate notice is mailed by Lender to B~rrower th:~t the insurance carrier o(Ters to settle a claim for in~urance benefits, Lender ~s authorized to ci~llect a~d apply ~}e imurancr proceed~ at Lender's option either to restoration or repair of the Propert)~ ur to thc wms aerured h}• this ~tostgage. Unlest I.ender and Borr~~wer otherHisc agrec in writing, an? such appliration ~f pnx:eeds !u prmcipal ~hall not cxtcnd ur postpone thc due date of the monthly installmcnts rcfcrred a? in paragraphs I an~f 2 hereaf or change the amount o( such installments. 11 unJer paragraph.l$ hereof the Propr.rt~~ i~ acy~iired h~~ Lender, aU right, title and interest of Borrower in and tu am insur~nce policies and in anJ to th~ proceecis thereol resulting ~rom damage to the Propeny prior to the sale or acyuisition shall pass to Lr;nder to the e~tent of thc sums ~ecured b~~ Ihu \lortgagc immrdiatcly prior to wch sale or acquisition. 6. Presenalion ~nd ~tainten~nce of Property: I.caseholds; ('ondominiums; Planned Unit Ue~elopmenls. Horrowcr ~ shall l:rep thc Property in good repair and shall not commit waste or permit impairmem or Jeterioration of the Property ; and shall compl}' with Ihe provisions of any lease il this Mortgagc iti un a lcaschold. I( this Mortgagc is on a unii in a E ~ondominium ur a planned unit dcvclopmcnt, BorroWer shall pcrform a{I u( Borrowcr's obligations undcr the dccl'aration ~ or covenants creating or go~~erning the condominium or planned unit Jev~frpm~nt. the bV-laws and regulations of the ~ conJ~~minium or planneJ unit develapment, anJ constituent documems. If a condominium or planned unit Jevelopment nder is ~xecuted b~• Borrower and recorded tugether with this Mortgage, the covenants and agreements of such rider ~ ~hall be ~ncorporated into and shrll :un~nd and wpplernent th~: covenants and agreements of this Mortgage as i( the riJer ~ ! Hcrc a pan hereof. ~ '7. Proteclion of Lenders Security. I( BorroKCr fails to Enr(~~rm the covenantt anJ agreements contained in this > Mortgagr. or if any action ur pn•creJmg iti comm~nced wh~ch materially afiects Lender's interest in the Prope:ty. includmg, but not limited to, eminent domain, insolvency, code en(orcement, or arrangements or pnxeedings involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, ma~~ make such appearances, disburse wrh sums ~nd take such action as is nece~sary to protect I.ender's intcres~, including, but not limited to. dicbursement of reasonable auorney'c Iccs and entry upon !he Propcrty t.~ make repair~. 1( I.ender reyuired mortgage inwrance as a ~ condrtion of making ~hc loan k:cured b~ this Murt~agc. Born~wrr shall pay thc pre~i~ws .rcqYircd to maintain such + insurance in efiect until such time ~ti ~he reyisirement for wch in.urancc tcrminatrs in tccotdAncti: w•ith Bormw~er's and ~ b~t';~31~ ~,~,E~f~02 9 ' _ ~ Re-Fecor~i ~ , ~c~iK~95 s~v: ~G~~ - x~.,.w _ _ . , _ - - -